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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Mkm Group | LSE:MKM | London | Ordinary Share | GB00B013MJ08 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:4213F MKM Group PLC 09 October 2007 MKM.L 9 October 2007 MKM GROUP PLC ("MKM" or "the Group") Acquisition of Promodus Limited MKM, the specialist marketing services company, is pleased to announce the acquisition of the entire issued share capital of Promodus Limited ("Promodus"), the London based marketing and communications consultancy, for a total consideration of up to #650,000. An initial consideration of #400,000 in total is payable on completion of the acquisition. This will be satisfied by the issue of 2,660,332 ordinary shares of 0.5p each in the capital of MKM (the "Consideration Shares") and a cash payment of #120,000 (subject to adjustment dependent on the Net Asset value of Promodus at completion). Deferred consideration of up to #125,000 is payable either in cash or by the issue of ordinary shares of 0.5p each in the capital of MKM ("Ordinary Shares") (at the discretion of MKM) on each of 5 April 2008 and 5 April 2009. Payment of the deferred consideration is subject to the achievement of agreed conditions relating to the future financial performance of Promodus. Based in West London and established in 2004, Promodus specialises in marketing consultancy and the delivery of marketing solutions, and has particular expertise in the financial services, B2B and technology sectors. The founders of the business have extensive experience of developing marketing programmes for major blue chip brands on an international basis and Promodus' clients include AXA Insurance, a leading UK underwriter of personal and commercial products, Your Move, the estate agency website, Parcelforce, the express parcels business of Royal Mail Group, GSM Association, the global trade association for GSM mobile phone operators and Arval, a leading fleet and fuel management company in Europe. For the year ended 31 December 2006, Promodus reported sales of #943,430 and an operating profit after adjusting for non-recurring items of #68,000. As at 31 December 2006, the net asset value of Promodus was #97,205. The Directors of MKM believe that Promodus represents an excellent strategic fit with its core business, MKM Concepts Limited ("MKM Concepts"). Promodus broadens the range of services MKM Concepts can offer and adds new and substantial expertise. In particular, Promodus has considerable experience in the provision of consultancy services. The vendors of Promodus will remain with the Group and the directors believe that they will further strengthen MKM Concepts' senior management team, with Simon Ward, managing director of Promodus, expected to assist significantly in the development of MKM Concepts. Application will be made for the Consideration Shares to be admitted to trading on AIM and dealings are expected to commence on 15 October 2007 ("Admission"). The Consideration Shares will rank pari passu with the existing Ordinary Shares in issue and bring the number of Ordinary Shares in issue to 73,071,544. The vendors of Promodus have agreed not to dispose of any Consideration Shares for a period of 12 months following Admission and only to dispose of such Consideration Shares through the Group's broker for a period of 12 months thereafter. Any Ordinary Shares issued as part of the deferred consideration will be subject to orderly market arrangements only. Commenting on the acquisition, Andrew Johnson, Executive Chairman of MKM, said, "The Promodus team have built up a really good business over the last few years and established long term relationships with their key clients. We are confident that they can continue to develop the Promodus business while contributing significantly to the development of the Group. There are significant opportunities for cross selling and business development. The team brings a wealth of experience in the marketing services sector and I am confident that its strategic and solutions development skills will prove invaluable in driving the growth of our MKM Concepts business." Simon Ward, Managing Director of Promodus, commented, "We are delighted to be joining the team at MKM. Having built up our business over the past three years, we believe that MKM offers Promodus the opportunity to enter a new and exciting growth phase, broadening the product range and resources which we can offer to our clients. I look forward to working together with the MKM team and achieving our growth objectives." Enquiries: MKM Group Plc (www.mkmgroupplc.com) T: 0161 877 1112 Andrew Johnson, Executive Chairman Matthew Toynton, Finance Director WH Ireland Limited T: 0161 832 2174 David Youngman Biddicks T: 020 7448 1000 Katie Tzouliadis Sophie Lane Promodus T: 020 8995 1389 Lucy Thomas About MKM Group plc Website: mkmgroupplc.com MKM has the stated strategy of building a substantial specialist marketing services group. The Group currently provides specialist loyalty and sales promotion programmes for major brands and has developed a reputation for creating market leading solutions. The Directors see a considerable opportunity to broaden the range of the Group's services and to accelerate the Group's growth in the UK and in select overseas markets. Established in 1989, MKM plans, creates and delivers innovative loyalty and sales promotion programmes for clients including HSBC, Lufthansa and Procter & Gamble. Following the acquisition in August 2007 of Australasian marketing agency, The Leapfrog Group, MKM now operates from five offices across the UK, Australia and New Zealand and employs over 90 staff. About Promodus Website; www.promodus.co.uk Founded in late 2004, Promodus is a growing, integrated marketing agency based in west London. With a multi-disciplined approach and particular specialism in financial services, B2B and technology, Promodus has readily established a blue-chip client list, including AXA Insurance, Your Move, Parcelforce, Wesleyan Assurance and GSM Association. This information is provided by RNS The company news service from the London Stock Exchange END ACQILFVEISLAIID
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